Principal Financial Group Inc. Has $342.85 Million Holdings in Cummins Inc. $CMI

Principal Financial Group Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 637,233 shares of the company’s stock after selling 61,545 shares during the quarter. Principal Financial Group Inc. owned 0.46% of Cummins worth $342,845,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after buying an additional 98,544 shares during the period. State Street Corp raised its position in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after acquiring an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

NYSE:CMI opened at $675.02 on Wednesday. The stock has a market capitalization of $93.15 billion, a PE ratio of 35.03, a P/E/G ratio of 1.62 and a beta of 1.22. Cummins Inc. has a 1-year low of $339.74 and a 1-year high of $737.76. The firm has a fifty day simple moving average of $679.36 and a 200 day simple moving average of $612.10. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.96 earnings per share. On average, research analysts expect that Cummins Inc. will post 29.33 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Citigroup lifted their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Truist Financial raised their price objective on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $739.43.

Insiders Place Their Bets

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. Insiders own 0.30% of the company’s stock.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.